Legacy Gift Options

A bequest is one of the easiest ways to provide a legacy gift to The Musical Theater Project. We can coordinate with your legal professional to determine specific bequest language for inclusion in your will or trust. If you have named TMTP in your will or trust, please let us know so we can ensure that your gift is used according to your wishes. 

BEQUEST LANGUAGE

​For an unrestricted gift that allows TMTP to determine how to use the funds based on the most pressing needs, use the following language for your will and/or trust:

I give to The Musical Theater Project, a nonprofit corporation currently located at 5755 Granger Road Suite 830, Independence, Ohio 44131, or its successor thereto, _________ [written amount or percentage of the estate or description of property] for its unrestricted charitable use and purpose.”

To designate your provision for a particular purpose:

​I give to The Musical Theater Project, a nonprofit corporation currently located at 5755 Granger Road Suite 830, Independence, Ohio 44131, or its successor thereto, _________ [written amount or percentage of the estate or description of property]. This gift should be used for (state purpose) if and so long as TMTP determines that the need exists. If TMTP shall determine at the outset or at a later time that the need does not exist, or no longer exists or for some reason it is not possible (or prudent) to administer my gift as originally intended, then TMTP may, in its sole and uncontrolled discretion, direct the use of my bequest for a purpose related as closely as possible to that stated above.

For more information or guidance on your bequest, call Heidi Lang at 216-860-1518 ext 702 or heidi@musicaltheaterproject.org.

A charitable gift annuity is an irrevocable gift that returns an income stream to the donor or another beneficiary over their lifetime. The donor qualifies for an income tax charitable deduction for part of the gift, while the payments to the beneficiary may receive favorable tax treatment based on the asset used to fund the gift. At the end of the gift term, the remainder of the annuity will support The Musical Theater Project to help substantially meet the future needs of our educational programs.

Life insurance policies can become an excellent tool to support The Musical Theater Project. There are a number of different ways to structure such a gift. The Cleveland Foundation can work with you, The Musical Theater Project, and your professional advisors to review these options and select the best choice based on your unique circumstances. 

Charitable remainder trusts allow donors to create an income stream for themselves or other beneficiaries for a term of years, with the remainder of the trust corpus creating a gift to charity, which can include The Musical Theater Project. Charitable remainder trusts are flexible enough to permit the use of a variety of assets, including cash, securities, and at times, even real property. The Cleveland Foundation will work with you and your professional advisors to provide sample calculations, which will help you determine whether this vehicle is right for your philanthropic goals. ​

As the opposite of a charitable remainder trust, a charitable lead trust provides payments to The Musical Theater Project, and remaining assets would be transferred to other individuals or even back to the donor at a future date. The Cleveland Foundation can work with you and your team of professional advisors to review sample illustrations to ensure you choose the best approach for your charitable goals. 

These simple gifts have tremendous impact. All cash contributions are tax-deductible up to 50 percent of a donor’s adjusted gross income. Appreciated assets can include stocks, bonds, mutual funds and real property, which are tax-deductible up to 30 percent of adjusted gross income.